On Dec 16, 2008, at 1:03 PM, Jordan Hayes wrote:
> Doug writes:
>
>> But it's gone now, and the obligations remain.
>
> Is it actually gone?
I was referring to the argument that someone's loss was someone else's gain. (In a lot of derivatives contracts, not much money actually changes hands, but let's leave that aside.) If there was a gain, that money's probably long been applied elsewhere, and isn't easily recovered.